Following several weeks of increases, new listings are down again.
The Multiple Listing Service (MLS) saw 2,653 new properties entered last week, a 6.6% year-over-year decrease.
Pending listings continue to decline as well. Just over 28% less properties went under contract compared to the same week in October 2021.
Sellers also withdrew more properties from the MLS than they did this time last year — off-market listings were 22.2% higher year-over-year.
Additionally, closings were down compared to 2021. Closed home sales equaled 1,589 in the past week, compared to 1,874 closings in the same week of 2021.
Showings and HAR.com listing views are also down, indicating an overall decrease in market demand.